India - Partner In Growth
Welcome to the May 08, 2017  bulletin of key policy decisions and high-impact news, presented by the Embassy of India, Washington DC.
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KEY POLICY DECISIONS
Banks Will Have More Power to Recover Bad Loans
The Government has empowered the Reserve Bank of India (RBI) to recover bad loans. The biggest 40-50 "bad loan" accounts at public sector banks, with an exposure of $150 million or more in each case, may be targeted for resolution as part of the clean-up of non-performing assets in the banking sector.


Govt. Approves National Steel Policy
The Government has approved the National Steel Policy 2017. The new policy enshrines the long-term vision of the Government to give impetus to the steel sector. It seeks to enhance domestic steel consumption, ensure high quality steel production and create a technologically advanced and globally competitive industry.
 

Govt. OKs Vijayawada Airport as Intl. 
Facility                      
 
The Government approved Vijayawada Airport in Andhra Pradesh as an international airport. The proposal will add to improved connectivity to the State capital. It will provide a wider choice of services at competitive costs to travelers and boost tourism and the socio-economic development of the State.

Govt. Plans 'Reforms 3.0' Program to Improve Ease of Doing Business
The Government is formulating a "Reforms 3.0" program to improve ease of doing business in India to attract more foreign investment and to raise India's position in the annual World Bank rankings, Civil Aviation Minister Jayant Sinha has said. 

Govt. Says Yes to Agro-Marine Restructuring
The Government has approved a plan covering agro-marine processing and development of agro-processing clusters (SAMPADA) in the country. Food Processing Minister Harsimrat Kaur Badal said the SAMPADA program will be an overarching umbrella scheme -- a move toward building a National Food Grid that will provide a seamless transfer of food from production to consumption without waste.

HIGH-IMPACT NEWS
India Launches Satellite to Improve S. Asian Comms 
The Indian Space Research Organisation successfully launched a geosynchronous communications and meteorology satellite for the South Asian Association for Regional Cooperation (SAARC) Countries. The satellite, funded entirely by India, will improve disaster and telecommunication links between six south Asian countries. 
 
Core Sectors Index Grows 5% in March, a 3-Month High
Closing the fiscal year on a high, the index of eight core industries rose by 5 percent in March, a three-month high, led by double-digit growth in the steel and coal sectors. The eight sectors - coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity - are seen as bellwethers of factory output.
Transport Minister: 35 Big Logistics Parks Coming Soon
The Government will develop 35 Multimodal Logistics Parks (MMLPs) in the country, which will significantly bring down logistics costs and help the country's economy, Transport Minister Nitin Gadkari said. The Minister said that MMLPs will serve 50 percent of the country's freight movements, enable a 10 percent reduction in transportation costs and cut CO2 emissions by 12 percent. 

Tax Board Signs IT, Banking Pricing Agreements
The Central Board of Direct Taxes has entered into two Unilateral Advance Pricing Agreements (APAs) with Indian taxpayers, strengthening the Government's commitment to foster a non-adversarial tax regime. The APAs pertain to the information technology, and the banking and finance sectors. 

Apple Plans to Set Up Online Stores in India
Taking advantage of the Government's policy on local manufacturing and online sales, Apple is planning to set up its own online store in the country by year end, according to reports. The company also plans to expand its product portfolio to other models as local production increases. 


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